OPEN-SOURCE SCRIPT
BH Ergodic (TSI-style) [v5]
The BG Ergodic script is a custom momentum and trend-confirmation tool that builds on the classic True Strength Index (TSI) and Ergodic Oscillator concepts. It smooths price momentum over multiple exponential averages to identify underlying trend direction, exhaustion, and potential reversals with reduced noise.
Unlike a standard TSI, the BG Ergodic combines:
Dual-smoothing filters for both momentum and signal lines, giving a cleaner response in choppy markets.
Dynamic color transitions that highlight bullish and bearish phases based on crossovers and slope changes.
Optional histogram plotting to visualize the spread between the Ergodic line and its signal line for early trend-shift detection.
This indicator works best on swing or trend-following timeframes (e.g., 1H–1D) and can be used to:
Confirm trend direction before entries,
Filter false breakouts, or
Spot momentum divergence near key support/resistance zones.
Unlike a standard TSI, the BG Ergodic combines:
Dual-smoothing filters for both momentum and signal lines, giving a cleaner response in choppy markets.
Dynamic color transitions that highlight bullish and bearish phases based on crossovers and slope changes.
Optional histogram plotting to visualize the spread between the Ergodic line and its signal line for early trend-shift detection.
This indicator works best on swing or trend-following timeframes (e.g., 1H–1D) and can be used to:
Confirm trend direction before entries,
Filter false breakouts, or
Spot momentum divergence near key support/resistance zones.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.